– Weather outlook is cooler and drier short term but hot dry conditions possible in 6-10 days
– USDA corn balance sheet likely unchanged at 2 billion bushels old crop, 2.1 billion new crop
– Russian wheat production forecast lowered by another 1.4 million metric tons to 80.7 million
– Mexico drought continuing to deepen in mid-June
– Beef prices down $2.09
– Beef imports may increase pressure on US market
– Hog prices up 29 cents to
– Pork exports last week at 29,900 metric tons, down 11% from 4 week average of 34,400 metric tons
– Mexican pork buying slowing, imports last week only 300 metric tons
– July hog futures contract fell to lowest since June 5
– July-August hog spread narrowed to 57 cents from bull spread
– October-December hog spread still bull at 5.90 but narrowing

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